Key Insights:
- It was a bullish Wednesday for the crypto to ten, with Solana (SOL) and Ethereum (ETH) leading the way.
- While sliding crude oil prices highlighted market fears for an economic recession, upbeat stats from the US delivered the NASDAQ 100 and the crypto market support.
- The total crypto market cap rose by $19 billion to mark the fourth increase in five sessions.
It was a bullish Wednesday session for the crypto top ten. Bitcoin (BTC) continued to inch towards $21,000, last visited on June 28. SOL and ETH found the strongest support to lead the crypto top ten.
Investor jitters over a European economic recession continued to test support for riskier assets. The ongoing war in Ukraine and an energy crisis amidst a shift in central bank monetary policy remain tests of investor resilience.
However, the markets brushed aside the market headwinds, with positive US economic indicators supporting the equity and crypto markets.
At the time of writing, the NASDAQ 100 Mini was down 29.5 points.
The Total Crypto Market Cap Bounces Back to $900bn
Another choppy session saw the crypto market cap fall to a low of $867 billion before jumping to a high of $908 billion.
NASDAQ 100 support was the key to a return to $900 billion levels. While bullish on the day, crypto market headwinds linger.
A global economic recession, a likely shift in the crypto regulatory landscape, and an extension of the crypto winter would test investor resilience. Fed monetary policy will also be a consideration over the near term.
At the other end of the table, TerraClassicUSD (USTC) saw the heaviest loss for a second consecutive day, sliding by 13%.
Total Crypto Liquidations Reflect Improving Market Conditions
24-hour liquidations fell back going into the Thursday session.
This morning, 24-hour liquidations stood at $101 million, down from $170.7 million on Wednesday.
Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 30,986 versus 54,606 on Wednesday morning.
However, one-hour liquidation figures suggested deteriorating market conditions at the turn of the day.
According to Coinglass, one-hour liquidations stood at $24.4 million versus $3.31 million on Wednesday. Investors will need to monitor the one-hour liquidation figures for any further rise that could pressure the crypto market.
Daily News Highlights
- Meta plans NFT launch despite current market conditions.
- UK government seeks public contribution to DeFi taxation.
- Crypto lender Voyager Digital filed for Chapter 11 bankruptcy.
- US lawmakers make no progress towards a CBDC.
- Binance announced the launch of zero-free bitcoin (BTC) trading to commemorate the fifth anniversary.
